Revised count from previously posted seems to be more accurate.
Wave 3 appears to have finished it's target at 0.00088 (higher than I had originally projected - 0.0008) but in line with revised count. Just beginning it's retracement, and looks like it has some more ways to go.
It hasn't yet even hit 0.236 retracement so I think it has more room to fall.
Wave 3 had 3 waves up, so this looks like the beginning of the ABC correction, and has NOT yet completed wave A.
Wave 3 was the longest, so we can expect wave 5 to be closer to wave 1 in distance. Wave 2 retraced by 0.786, so we can expect wave 4 to be less. And the top of Wave 1 was above the 0.5 correction zone, so I think it will land between 0.236 and a quarter of the way between 0.5 and 0.382.
So I'm going to call a retracement to 0.000816, whereby it should bounce into its next supercycle impulse wave, and land around 0.000914.
Buy in - 0.000817
Stop - 0.00078
Risk - 0.000037
Target - 0.000914
Reward - 0.000097
Reward/Risk = 2.8
Wave 3 appears to have finished it's target at 0.00088 (higher than I had originally projected - 0.0008) but in line with revised count. Just beginning it's retracement, and looks like it has some more ways to go.
It hasn't yet even hit 0.236 retracement so I think it has more room to fall.
Wave 3 had 3 waves up, so this looks like the beginning of the ABC correction, and has NOT yet completed wave A.
Wave 3 was the longest, so we can expect wave 5 to be closer to wave 1 in distance. Wave 2 retraced by 0.786, so we can expect wave 4 to be less. And the top of Wave 1 was above the 0.5 correction zone, so I think it will land between 0.236 and a quarter of the way between 0.5 and 0.382.
So I'm going to call a retracement to 0.000816, whereby it should bounce into its next supercycle impulse wave, and land around 0.000914.
Buy in - 0.000817
Stop - 0.00078
Risk - 0.000037
Target - 0.000914
Reward - 0.000097
Reward/Risk = 2.8
Comment:
So this hit 0.00815 at it's lowest, and now it's trending sideways in a wedge pattern. Hasn't quite finished correcting yet before making it's next move.
Comment:
BLZETH Hit 0.00094 - sold off at my target 0.00091.
It *should* begin a larger correction now. We'll have to wait and see.
It *should* begin a larger correction now. We'll have to wait and see.
Comment:
Now at 0.00085. Hard to say if it's done correcting. I think it may trend sideways for some time.
On the 1 hour chart I called the top candle at 0.000914, came out 0.00091.
Wave 4 correction called barely. Just touched the top of my range and bounced.
On the 1 hour chart I called the top candle at 0.000914, came out 0.00091.
Wave 4 correction called barely. Just touched the top of my range and bounced.